The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut.

With the 1.2 million bpd refinery, the world's largest, India wants to have a greater say in the global fuel trade, Oil Minister Dharmendra Pradhan told reporters in New Delhi.

The country's top refiner Indian Oil Corp will initially hold a 50 percent stake in the project, while Hindustan Petroleum Corp and Bharat Petroleum Corp will own 25 percent each.

By Reuters l Reporting by Nidhi Verma and Neha Dasgupta l Editing by Mark Potter